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ABSTRACT
Kovalchuk V. Accounting for transactions under concession agreements. –
Manuscript.
Thesis for obtaining the scientific degree of Candidate of Economic Sciences on specialty
08.00.09 – Accounting, Analysis and Audit (by the types of economic activity). –
ZhytomyrState Technological University, Zhytomyr, 2019.
The dynamics of concession development in Ukraine is positive, however, accompanied
by a set of issues, such as the formation of an information space for management of the
implementation of concession agreements as well as the activities of concessionaires. This is due
to the lack of organizational and methodological provisions of the accounting for transactions
under concession agreements. In particular, the issue of the application of national and
international accounting standards (financial reporting) and, accordingly, the reflection of certain
objects concerning the fulfillment of the terms of a concession agreement are uncoordinated.
The purpose of the thesis is to substantiate the organizational and methodological
provisions of the accounting for transactions under concession agreements as a form of
implementation of public-private partnership projects. The object of the study is transactions on
the formation and implementation of a concession agreement, which are reflected in the
accounting system of the concessionaire. The subject of the study is theoretical as well
as organizational and methodical accounting provisions of transactions under concession
agreements. The scientific novelty of the obtained results is the development of theoretical as well
as improving organizational and methodological provisions of the accounting for transactions
under concession agreements.
Investigations of public-private partnership in the form of a concession, as well as their
specifics and peculiarities, are relevant among domestic and foreign scholars. It is worth noting that much attention in the literature is devoted to the state-private partnership. There are different
approaches to defining this term. As for the concession itself, then the degree of development of
the topic is low, because this form of management is relatively new, especially for Ukraine,
because of this, there was no need for research in this topic before. In general, it can be noted that
the concession mechanism is an. Еffective way to attract additional capital, as well as to develop
infrastructure sectors. This is especially true for the domestic economy in the conditions of the
present stage of its formation of the use of concessions, as it can contribute to overcoming the
crisis of the main sectors of the infrastructure.
The theoretical as well as organizational provisions of the accounting for transactions
under concession agreements are substantiated, including the developed information model of
interaction between concessionaire and concessionee, identification of objects of accounting
reflection and management as well as substantiation of forms of organization and keeping records
at the concessionaire enterprise.
Methodological provisions of the accounting for transactions of the acceptance of
concession facility by the concessionaire and recognition in company's books are developed. The
provisions allow the reflection of the concession object by elements in the composition of noncurrent
assets on the relevant analytical accounts (a part of the working Chart of accounts in the
context of accounts 10 "Fixed assets", 11 "Other non-current tangible assets", 12 "Intangible
assets", 16 "Long-term biological assets" is developed). The sources of their receipt are suggested
to be presented in two versions, namely: a) in the equity capital account 48 "Targeted financing
and target revenues" (two variants are developed: 1) reflection on the analytical account 484.1
"Assets received as a result of concluding a concession agreement for performance of activity on
realization of public services»; 2.Reflection on the new subaccount 484 "Assets received as a
result of concluding a concession agreement"); b) as part of obligations on account 55 "Other
long-term liabilities" (two variants are developed: 1) reflection on the analytical account 55.1
"Long-term obligations under the concession agreement"; 2) reflection on a new subaccount 552
"Long-term obligations under a concession agreement"). In the context of these suggestions, a
procedure for evaluating the value at which elements of the concession object in the form of noncurrent
assets as well as their depreciation will be reflected is defined. It is suggested to reflect
such objects at the initial cost of such objects, which is contained in the records of the municipal
or state-owned enterprise, which is liquidated as a result of the conclusion of the concession
agreement, with simultaneous reflection of their wear. The above became a prerequisite for the
development of the provisions of the organization of analytical object of wear as well as
depreciation of the concession object. This allowed to bring in compliance as well as to
harmonize the current provisions of the concession and accounting legislation.
The procedure of accounting for the concession object according to international financial
reporting standards, which require the disclosure of transactions under concession agreement as
an intangible or financial asset is suggested. Therefore, based on mentioned above three variants
of accounting reflection are developed. They are as follows: a) the right of the concessionaire to
charge a fee for users of public services; b) an unconditional concessionaire's contractual right to
receive cash or another financial asset from the concessionee for the modernization of the
concession object; c) receiving compensations by the concessionaire over the value of the cost of
providing concession services. Accordingly, the procedure of reflection of each option on the
accounts was substantiated, in particular, the actual objects of concession on off-balance sheet
account 01 "Non-current assets used by the enterprise on a contractual basis". The suggested
provisions can be used in the transformation of financial statements into the format of IFRS.
The methodological provisions of accounting for capital expenditures on modernization of
the concession object, which include options for reflection a concession object in accordance with
international financial reporting standards in the composition of intangible assets and in the
company's non-current assets on separate analytical accounts have been improved.
Accounting reporting by type of financial statements, internal management reporting and other
specific reporting (related to transactions under concession agreements and can be used while
reporting by the concessionaire to the public partner) are improved through the development of
forms of Notes to annual financial statements and the formation of their directions for extension
for management purposes and reporting in compliance with the agreement terms. The methodical
provisions of the accounting for transactions for the provision of public services in the part of
development are developed. They are as follows: documentation, i.e., suggested forms of cost
calculation of public service, calculation of depreciation of the concession object and capital costs
for their modernization, an act of distribution of total production costs; calculation; the directions
of expansion of elements of the cost of public services (depreciation of non-current assets
received in the concession and capital expenditures on their modernization, concession payment,
distribution of total production costs and distribution of common costs) are substantiated;
accounts - an approach to the organization of analytical accounting on accounts 23 "Production",
91 "General Production Costs"; double entry - the procedure of reflection of the public service
transaction under IFRS and concession law is substantiated |
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